BELLRING BRANDS, INC.

Outlook

BellRing management has narrowed its fiscal year 2025 outlook for net sales to range between $2.28-$2.32 billion and Adjusted EBITDA to range between $480-$490 million (resulting in net sales and Adjusted EBITDA growth of 14%-16% and 9%-11%, respectively, over fiscal year 2024). BellRing management expects fiscal year 2025 capital expenditures of approximately $9 million.

BellRing provides Adjusted EBITDA guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for provisions for legal matters, mark-to-market adjustments on commodity hedges and other charges reflected in BellRing’s reconciliations of historical numbers, the amounts of which, based on historical experience, could be significant. For additional information regarding BellRing’s non-GAAP measures, see the related explanations presented under “Use of Non-GAAP Measures.”